Remote work has been a net positive for companies, adding flexibility and cost savings for employees and organizations. However, this new work environment has amplified fraud and cybersecurity concerns for most small to midsized businesses (SMBs) as legacy fraud defense tools are a mismatch for modern, evolving fraudsters.
The return of business travel to pre-pandemic levels has given rise to more travel and expense reimbursement fraud, which can be especially costly, as it typically goes undetected for up to 18 months. Managing these fraud threats is a challenge for most SMBs due to small security teams and budgets threatened by inflation.
The “B2B and Digital Payments Tracker®” explores how hybrid work and resumed business travel have forced SMBs to address their heightened vulnerabilities in the new work-life environment.
SMBs take cybersecurity more seriously as they encounter more frequent and increasingly damaging fraud incidents. As a result, SMBs are raising IT budgets to bolster network security, cloud security and cyber insurance.
While the pandemic drove remote work adoption, it also accelerated eCommerce, which has seen a significant increase in card-not-present (CNP) fraud. Now the leading example of credit card fraud, CNP fraud requires heightened security as more fraudsters look to make their mark.
For more on these and other stories, visit the Tracker’s News and Trends section.
While fraud is an issue for most companies, SMBs can find it a particular challenge, especially with the rise of remote work and the normalization of travel following the pandemic. Many SMBs need a trusted partner to point out vulnerabilities they can address before they lead to fraud.
To get the Insider POV, PYMNTS spoke with Michael Nardy, founder and CEO of Electronic Payments, about how SMBs can get help in fighting the new fraud threats in a world of remote work.
While remote work was a savior for businesses during the pandemic, its reliance on technology has opened the door for cyberattacks, fraud and corruption. This new reality created external and internal threats that are consistently evolving and often challenging to weed out. With the elevated risk from business travel returning to normal, SMBs have their hands full.
To learn more about how SMBs can fight fraud threats in the new work-life landscape, read the Tracker’s PYMNTS Intelligence.
The “B2B and Digital Payments Tracker®,” a collaboration with American Express, examines how hybrid work’s new fraud risks, coupled with a broader resumption of leisure and business travel, are forcing many SMBs to get serious about cybersecurity with an anti-fraud strategy equipped to handle the modern work-life environment.
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